Funding your care

Review your current insurance coverage

Most health insurance plans only pay for short-term care needs. Do you know if your current health care insurance would pay if you needed long-term care? Review your policies with your insurance advisor or employer’s benefits counselor.

Determine if you can pay for long-term services and supports with your own funds

Perhaps you don’t have long-term services and supports coverage or want to pay using your own resources. Would you be able to cover all the costs with your retirement income and savings?

Consider how you feel about using your own funds to pay for long-term services and supports. Resources could include:

Social Security

Pension

Interest income

Dividends from investments

Payments from a 401(k) or IRA)

Cash, savings

Stocks and bonds

Your home

Understand what’s covered by government programs and what’s not

Very few government programs will help pay your long-term services and supports expenses. Those that do have strict limits on who is eligible and what is covered. Most people won't qualify for Medicaid for long-term services and supports.

Make sure you understand what long-term services and supports Medicare and Medicaid will and won’t fund.

Look for other resources that may cover your long-term services and supports expenses

Consider all your financing options. This could include long-term care insurance. Make sure you understand all the details, eligibility requirements and costs. It may be best to combine financing options.

Connect with your local ADRC.

ADRC of Oregon staff are available to help you explore your options to meet your current needs or create a plan for the future